Boston real estate thoughts
Boston Condos for Sale
If your Boston condo is for sale and you cancel the listing or if it expires you will get a lot of calls from Realtors who “work” canceled and expired listings. My advice is to let your calls go to voice mail for a few days unless you want to choose a new Boston condo for sale agent from the callers.
The good news is that once you have a contract with a Boston condo broker and your property goes on the MLS, Realtors are not allowed to contact you. This is a good thing because if Realtors could contact you they would. They would call often.
Working on a 100% commission basis is not easy. There is no job security and no paid leave or health insurance. The hardest part of the job is finding clients. There are thousands Realtors in Massachusetts but there are also real estate licenses who are not Realtors and not all Realtors are in sales.
In fact, the number of Realtors has become a secret. The National Association of Realtors used to publish membership numbers but now they don’t and when asked they won’t. They have all sorts of reasons (excuses), even suggesting that they stopped because no one is interested in the numbers.
I suspect that the number of Realtors is falling but is still ridiculously high when compared with the number of Boston condominiums that are sold each year.
Competition for business is fierce. Consumers should choose wisely and not be afraid to negotiate commissions or fees. Persons looking for a real estate agent or Realtor should keep in mind that experience is important. Boston real estate agents learn on the job. There is no advantage in hiring an inexperienced agent.
Boston real estate thoughts
They feel like the good old days but it was only 4-5 years ago that we could count on 200-300 listings priced under $2,000,000 to hit the market every month. It caused some complacency and pickiness among buyers, but now that the choices have narrowed so quickly, there is a lingering panic in the air.
Those buyers who only qualify for $1,000,000 are forced to consider other choices further out, and for many that means out of state.
Those in the $1M to $2M market are shocked to see about a quarter of the number of monthly listings we used to see, but at least they still have a shot – though what you get for that money has been greatly diminished. It’s understandable why the frenzy conditions are still happening though.
Thankfully, a lot of affluent people want to live here!
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The drop in Boston condo sales is being attributed in part to mortgage rates, which have been on the rise since the Federal Reserve first hiked interest rates earlier in the year. Boston condo sales may stabilize as mortgage rates flatten below June’s 6 percent peak.
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Boston real estate thoughts
Asking a real estate broker if it’s a good time to buy a home is like asking an alcoholic if it’s a good time to drink a beer.
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Downtown Boston Real Estate Search
Boston real estate thoughts
U.S. household net worth surged to an all-time high in the second quarter, powered by a buoyant stock market and a record $1.2 trillion jump in real estate valuations.
A Federal Reserve report on Thursday showed that household net worth rose by $5.8 trillion, or 4.3 percent to $141.7 trillion in the period, according to Bloomberg. In June alone, home prices rose 18.6 percent, the biggest increase in three decades.
Meantime, more people are investing in stocks: Equities as a percentage of household assets rose to 29.5 percent in the quarter from 25.6 percent two years earlier as those valuations increased by $3.5 trillion. At the same time, net private savings rose by $2.9 trillion in the quarter, adding to $4.8 trillion in the prior period.
Boston Condos for sale Sale and Rent
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Boston Real Estate for Sale
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(The BLM sign at the Lexington church I attend was stolen recently.) Other parishioners have spoken favorably about the placement of BLM signs because they view them as calling our attention to the basic human rights issues of racial prejudice and unjust discrimination. Is systemic racism currently part of the fabric of our country? Has the death of George Floyd brought about a new awareness of racism? Are discussions about racism and signs like BLM political in nature or something else? What should be our response to all of this as a community?
Original Boston real estate thoughts:
Low mortgage interest rates will support Boston real estate housing in 2020 but economic uncertainty and affordability issues will mute sales growth.
With interest rates expected to remain near three-year lows, buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and political uncertainties. Additionally, an affordability crunch will cut into demand in some regions of downtown Boston, where affordability is significantly below national levels. These factors together could subdue sales growth next year.
The average for 30-year, fixed mortgage interest rates will dip to 3.7 percent in 2020, down from 3.9 percent in 2019 and 4.5 percent in 2018 and will remain low by historical standards..
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Click Here Beacon Hill recent sales data for the last 30 days
Boston Real Estate for Sale
